LI*** Legal Information Institute : Employee retention credit for employers subject to closure due ...
26 S Code § 3134 - Employee retention credit for employers subject to closure due to COVID–19 ; (A) Wages taken into account ; (B) Recovery startup businesses.
Pe***e also ask : What is the IRS Code 3134?
1 Section 3134 adds a third category of employers that are eligible for the employee retention credit for the third and fourth calendar quarters of 2021. Specifically, section 3134(c)(2)(A)(ii)(III) provides that \u201crecovery startup businesses\u201d may be eligible employers for those calendar quarters.
Pe***e also ask : What is the 3134 C )( 2 code?
3134(c)(2)Eligible Employer With respect to any employer for any calendar quarter, if such employer was not in existence as of the beginning of the same calendar quarter in calendar year 2019, clause (ii)(II) shall be applied by substituting "2020" for "2019".
Pe***e also ask : What is Section 3134 C )( 5 of the code?
Recovery Startup Businesses As amended by the Infrastructure Act, a Recovery Startup Business is any employer which began carrying on any trade or business after February 15, 2020 and has average annual gross receipts less than $1,000,000. IRC Sec. 3134(c)(5).
Pe***e also ask : What is the code section for employee retention credit?
Section 9651 of the ARP enacted section 3134 of the Code, effective for calendar quarters beginning after June 30, 2021, to provide an employee retention credit for qualified wages paid after June 30, 2021, and before January 1, 2022.